Business & Accountancy Daily

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Business | PwC liquidators to government outsourcer Carillion

PwC has been appointed as the special managers to troubled outsourcing giant Carillion, which has announced it is going into compulsory liquidation with immediate effect, putting thousands of jobs and major government infrastructure projects, including the new HS2 high speed rail link, at risk

15 Jan 2018

Accountancy Firms

Restructuring & Insolvency

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Finance | 2018: a year of uncertainty for IFRS reporters

The full impact of IFRS 9 Financial Instruments will be felt in 2018 as major financial institutions get to grips with the latest IFRS standard, but it is important not to forget other major changes in the pipeline with IFRS 15 on revenue recognition, IFRS 16 on leasing and further out IFRS 17 Insurance Contracts. Jeroen Van Doorsselaere considers the key IFRS issues to watch out for in 2018

15 Jan 2018

Accounting Standards

Financial Reporting

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Tax | Overhaul of corporation tax payments for companies with £1.5m plus profits

Meg Wilson CTA, tax writer at Croner-i, explains the key payment dates for corporation tax payments for the largest businesses with profits in excess of £1.5m as new rules reducing the payment period are set to come into force from 1 April 2019

15 Jan 2018

Law and Regulation

Accountancy Firms

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Finance | Monitoring Group considers single board for ethics and assurance standards

A roundtable discussion held by The Monitoring Group of its proposed overhaul of the global audit standard setting process revealed broad support for a potential restructure

15 Jan 2018

Corporate Governance

Audit Regulations

Accounting Consultations

Image for water companies told turn taps offshore havens

Tax | Water companies told to turn off taps on offshore havens

Environment secretary Michael Gove has signalled his intention to crackdown on water companies using offshore tax structures, suggesting they should take steps to ensure their tax planning arrangements meet the standards for responsible behaviour, or face further regulatory challenge

15 Jan 2018

International Tax

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Business | Consumers to benefit from payment and banking rule changes

EU legislation has come into force designed to make it cheaper, easier and safer to make electronic payments and which, along with the UK’s new open banking requirements, paves the way for consumers to make direct comparisons between banking offers

15 Jan 2018

Accountancy Firms

Image for tax free childcare opens children under nine

Tax | Tax-free childcare opens to children under nine

HMRC has opened its tax-free childcare scheme to parents who have children under the age of nine, with the scheme opening to all remaining eligible families on 14 February, after full rollout was delayed due to the service experiencing IT difficulties

15 Jan 2018

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Business | Grant Thornton sees digital forensics and cyber investment as key for 2018

Head of top five accounting firm Grant Thornton UK LLP, Sacha Romanovitch talks to Accountancy’s Sara White about the firm’s annual results, strategic investments in digital forensics and financial services, and the importance of taking a global view of Brexit

15 Jan 2018

Accountancy Firms

Leadership & Management

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Business | Fish shop directors battered with five-year bans

The husband and wife directors of a Croydon chippy have each been disqualified for five years, after a combined Insolvency Services and HMRC investigation found they had been sending inaccurate VAT returns

15 Jan 2018

Restructuring & Insolvency

Called to Account

Image for irs updates personal withholding tax rates us taxpayers

Tax | IRS updates personal withholding tax rates for US taxpayers

The US Internal Revenue Service (IRS) has released Notice 1036, updating the income tax withholding tables for 2018 reflecting changes to personal tax rates made by the US tax reform legislation enacted in December

15 Jan 2018

International Tax

Law and Regulation

Finance | Carillion collapses as banks refuse to extend credit line

PwC has been appointed as the special manager to Carillion, the listed construction company, which has gone into compulsory liquidation following a profit warning last July and ongoing financial and cash flow problems over the last six months

15 Jan 2018

Financial Reporting

Corporate Governance

12 Jan 2018

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Business | How to keep staff motivated throughout January

Christmas is long over but the January blues are here and ready to remind us that winter is not. Lee Biggins, founder and managing director of CV-Library advises employers on what they can do to retain and motivate staff in January to increase productivity

12 Jan 2018

Accountancy Firms

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HR | Millennial interviews: the tax director

This week CCH Daily talks to Kate Knight, director at tax advisory firm Blend Tax, on her thoughts on automation, whether she is ready for Making Tax Digital and why the biggest challenge she faces is tax legislation

12 Jan 2018

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Finance | Charity Commission warning over school payment frauds

The Charity Commission has issued a formal alert about the dangers of payment diversion fraud in the independent schools sector, based on reports made in the past month to Action Fraud, the UK’s national fraud reporting centre

12 Jan 2018

Called to Account

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Business | PwC launches specialist drones team

PwC has established a team of drone specialists in the UK to help clients take advantage of the emerging technology and extract value from drone data, after the firm’s research estimated the emerging global market for business services using drones is valued at more than $127bn (£93bn)

12 Jan 2018

Accountancy Firms

Image for east london venue hosts self assessment party

Tax | East London venue hosts self assessment party

On 23 January the Book Club in Shoreditch is hosting a self assessment party, providing free tea and coffee and chilled out tunes for those who are working away to meet the 31 January filing deadline

12 Jan 2018

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Finance | Call for greater clarity in sustainable development reporting

Almost all UK businesses and nearly two-thirds of global firms are now reflecting the UN’s sustainable development goals (SDGs) in their corporate reporting, according to research from PwC which suggests the move will help to significantly shift the dial in eradicating poverty and climate change

12 Jan 2018

Financial Reporting

Image for people news alexander sloan chiene tate creaseys

HR | People in the news: Alexander Sloan, Chiene + Tate, Creaseys

In this week’s moves and appointments roundup, Alexander Sloan appoints its first ever female senior partner who also happens to be one of the youngest in Scotland, Chiene + Tait gains an audit partner, Creaseys pomotes a director in its financial planning business to partner

12 Jan 2018

Image for hmrc criticised over customer service measures

Tax | HMRC criticised over customer service measures

HMRC has come under fire over its failure to deliver its transformation programme as planned, disparities in the treatment of high net worth individuals (HNWI) compared to other taxpayers, and a lack of clarity in its customer service statistics in the latest report from the public accounts committee (PAC)

12 Jan 2018

Image for bhs buyer convicted over pension information failures

Business | BHS buyer convicted over pension information failures

Dominic Chappell, the former racing driver turned businessman who bought BHS for £1, has been convicted of failing to hand over information required by the Pensions Regulator (TPR) as part of its investigation into the sale and then collapse of the high street fashion retailer

12 Jan 2018

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Business | Beating winter blues at work: tips for employers

Bob Patchett of Croner-i Human Resources looks at how to manage winter problems in the workplace from sickness to flu outbreaks, and power cuts to snow storms

12 Jan 2018

Accountancy Firms

Leadership & Management

11 Jan 2018

Image for frs 101 transition tips and advice part 5

Finance | FRS 101: transition tips and advice - part 5

Anne Cowley ACA explains the key transition steps when moving to FRS 101 Reduced Disclosure Framework, whether transitioning from FRS 102, FRS 105 Micro-entities Regime or International Financial Reporting Standards (IFRS)

11 Jan 2018

Accounting Standards

Financial Reporting

Image for rental interest restriction potential tax pitfalls buy let owners

Tax | Rental interest restriction - potential tax pitfalls for buy-to-let owners

It is important to remember that you could easily become a higher rate tax payer as a result of the mortgage interest relief restriction interest restriction, particularly relevant to buy-to-let owners, warns Lisa Macpherson, head of tax technical at PKF Francis Clark

11 Jan 2018

Image for pwc facing two year auditing ban india

Finance | PwC facing two-year auditing ban in India

PwC is facing a two-year ban from auditing listed companies in India, following a probe by the Securities and Exchange Board of India (SEBI) into the 2009 accounting scandal at one of the firm’s clients, Satyam Computer Services, which became known as ‘India’s Enron’

11 Jan 2018

Corporate Governance

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Finance | Commission to look at financial controls at special school charity

The Charity Commission has opened a new statutory inquiry into Hope House School Ltd, a special school for children with autistic spectrum disorders, over concerns about the charity’s financial controls and governance

11 Jan 2018

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Business | Deloitte to launch legal services offering

Deloitte is gearing up to match its Big Four rivals, after the firm confirmed it is in talks with the Solicitors Regulation Authority over an application for an alternative business structure (ABS) licence which would allow it to offer legal services

11 Jan 2018

Accountancy Firms

Image for one five paying apprenticeship levy write it tax

Business | One in five paying apprenticeship levy write it off as tax

A fifth of firms currently paying the apprenticeship levy plan to write it off to tax, rather than provide apprenticeships, and more than half want it replaced with a training levy, according to a survey by CIPD which identified widespread dissatisfaction with the way the levy operates

11 Jan 2018

Accountancy Firms

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Business | West country hotel operator checks into administration

Mark Boughey and Matthew Wild, partners from RSM Restructuring Advisory have been appointed joint administrators of the south west-based hotel operator Richardson Hotels Ltd and Fowey Hotel Ltd, both of which form part of the Richardson Group of hotels

11 Jan 2018

Restructuring & Insolvency

Image for treasury confirms ministerial team

Tax | Treasury confirms ministerial team

The Treasury has confirmed details of its ministerial team, with two new appointments as exchequer secretary and financial secretary joining the existing team, following Prime Minister Theresa May’s government reshuffle earlier in the week

11 Jan 2018